Regulatory approval from the Indian market regulator enables the firm to offer a full suite of equity and debt capital market services, including IPOs and bond placements
• The approval underscores Emirates NBD commitment to India’s growing economy and positions the bank to unlock India-Middle East capital flows
Dubai, January 2026: Emirates NBD Capital, the investment banking arm of Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, announced it has received regulatory approval for a Category I Merchant Banking licence from the Securities and Exchange Board of India (SEBI), India’s market regulator, becoming the first Middle Eastern investment bank to secure Category I licensure.
The Category I Merchant Banking licence positions Emirates NBD Capital to offer a full suite of capital market services in India, covering the entire lifecycle of investment banking transactions, including acting as merchant banker and bookrunner on equity capital market offerings — Initial Public Offerings (IPOs), follow-on offerings and Qualified Institutional Placements (QIPs) — as well as serving as an arranger on local debt capital market placements.
The approval enables Emirates NBD Capital to broaden its footprint in one of the world’s fastest-growing economies and deliver investment banking services tailored to Indian clients and market conditions, in compliance with local regulations.
Emirates NBD Capital India Private Limited, incorporated in Mumbai, operates as an extension of Emirates NBD Capital’s global investment banking platform in the UAE, supported by a local presence, robust governance and a Board of Directors comprising senior Bank executives.
Emirates NBD maintains one of the region’s broadest investor networks, with relationships spanning sovereign wealth funds, regional and global institutions, family offices, leading local groups and ultra-high-net-worth investors. The licence allows Emirates NBD Capital to channel this Middle Eastern capital into Indian equity and debt market opportunities, where regional participation remains relatively limited despite strong underlying interest.
Hitesh Asarpota, CEO of Emirates NBD Capital, said: “Securing a merchant banking licence in India marks a milestone for Emirates NBD Capital and the wider Group. Our expanded investment banking capabilities will seamlessly complement the Bank’s broader offerings, delivering greater value to clients. With strong relationships across investors in the Middle East, we are well positioned to channel regional liquidity into Indian capital markets and further solidify Emirates NBD as a gateway to stimulating cross-border flows.”
With this licensure and entry into the Indian market, Emirates NBD Capital continues to deepen the economic and investment relationship between India and the UAE, which has evolved into a broad-based strategic partnership encompassing trade, investment, infrastructure and financial services.
The regulatory approval was confirmed amid unprecedented activity in India’s capital markets, particularly in its equity IPO segment currently experiencing sustained elevated volumes. In 2025, Indian equity capital market (ECM) volumes totalled around USD 56 billion, while Indian companies raised around USD 20 billion through IPOs, marking a second consecutive year of record IPO fundraising and placing India among the world’s most active equity issuance markets. This presents significant opportunities for Emirates NBD Capital to engage issuers and investors across a pipeline of upcoming offerings, with a robust market expected to continue into 2026.
About Emirates NBD:
Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As of 31st December 2025, total assets were AED 1.164 trillion, (equivalent to approx. USD 316.5 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 787 branches and 4,526 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 4.54 billion.
Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.
Emirates NBD demonstrates leadership in sustainability by becoming the first bank globally to publish an IFRS S1 and S2-aligned report along with assurance of financed emissions and through the landmark issuance of the world’s first Sustainability-Linked Financing Sukuk by Emirates Islamic of USD 500 million fully aligned with ICMA guidelines. Emirates NBD continues to engage and support communities through its pioneering exchanger volunteer programme which completed 10 years in 2025 with over 160,000 hours contributed to social causes for over 1.1 million beneficiaries.
